Reportedly India's fuel demand dipped 45.8 per cent in april from a year earlier, as a nationwide lockdown and travel curbs to combat the spread of novel coronavirus eroded economic activity.Consumption of fuel, a proxy for oil demand, totalled 9.93 million tonnes its lowest since 2007, government data showed on Saturday.
State fuel retailers in india sold 50 per cent less refined fuel in the first two weeks of april than the same time a year earlier as the country came to a standstill due to the lockdown that was put in place on march 24. The government last week extended the lockdown until May 17, with some relaxations in lower-risk areas, although travel by air, rail and metro and inter-state movement of people by road was still banned.
The international Energy Agency (IEA) in its latest report said India's annual fuel consumption will decline 5.6 per cent in 2020 compared with growth of 2.4 per cent forecast in its march report.Consumption of diesel, which is widely used for transportation as well as for irrigation needs in india, was down about 55.6 per cent year over year at 3.25 million tonnes. Sales of gasoline, or petrol, dropped by 60.6 per cent from a year earlier to 0.97 million tonnes.Cooking gas or liquefied petroleum gas (LPG) sales rose about 12.1 per cent to 2.13 million tonnes, while naphtha sales fell 9.5 per cent to 0.86 million tonnes.